"These foreign investments will not happen if Serbia is not a part of the modern world," Dacic said. Serbia's economy contracted 1.7% in 2012, according to Eurostat estimates, due to its close ties with embattled eurozone nations.

Serbia, which has a lower minimum wage than China, is also struggling to cope with an exodus of skilled workers, as the country's young leave in search of work abroad. The phenomenon has left the country heavily reliant on remittance income.

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Peter Stano, a spokesman for European Enlargement Commissioner Stefan Fule, told CNN that the speed of accession depends "solely" on Serbia.

He said: "Serbia has already met the political and economic criteria needed to become candidate status and to start the negotiations."

James Ker-Lindsay, a Balkans expert and author of 'Kosovo: The Path to Contested Statehood in the Balkans' estimates that the process will take eight to ten years.

He told CNN: "It might well be the case that Montenegro, which has already started EU accession talks, is going to be the next one to join... getting Montenegro ready for membership is likely to be easier."

Serbia also faces questions over Kosovo, after it declared independence in 2008. Serbia does not recognize the declaration, and the European Union is trying to encourage talks between the two sides.

Dacic said: "We have always made it clear that we cannot and will not try to bring our problems to the EU with us. This is another reason why we are conducting this open dialogue in order to normalize the relationship and solve our problems before accession."

Kosovo was plunged into war in the late 1990s, pitting Kosovo Albanian insurgents against Serb security forces and Belgrade-backed Kosovo Serb paramilitaries.

William Bartlett, author of 'Europe's Troubled Region,' believes EU membership for Serbia will help ease some of the political tensions with Kosovo.

He said: "By reducing political tensions, you are reducing country risk for investors and that will have a positive knock on effect for the economy."